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The Pros And Cons Of Laissez-Faire Based Economics

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Deregulation has been controversial since the 1970s as result of new trends in economic thinking regarding the inefficiencies of government regulation, as well as the risk of industries controlling regulatory agencies to its own benefit. Proponents of laissez-faire based economics insist that the cost of meeting all the government-imposed regulations increase of the cost of doing business, and that increased cost will inevitably lead to laid-off workers and the rise in prices for consumers. While having an economy that leans toward laissez-faire based economics could potentially be more beneficial for business owners and corporate executives, the fairest policy for the governance of the economy is through regulated capitalism due to its stride toward a safe and sufficient workplace, caring about employees, and reassurance of a clean, healthy environment.
One reason that regulated capitalism is the fairest policy for the governance of the economy is due to its stride toward a safe and sufficient workplace. Many see government to have their best interests at heart. Business firms, on the other hand, are viewed as those who would not hesitate to compromise the health and safety of employees and consumers to turn a profit. Believers in laissez-faire economics argue that business firms must be repressed by government regulation. Despite government inspection in the food and pharmaceutical industries, for example, poisonings and contaminations still find their way to the market.

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